Response to the ASIC’s Regulatory Simplification Paper REP 813
Consumer Action has welcomed the opportunity to take part in the Australian Securities and Investment Commission’s (ASIC) simplification work via the Simplification Consultative Group. In that forum we have provided feedback and reflections on the importance of preserving consumer protections that have been introduced in response to widespread misconduct, such as that raised in the Financial Services Royal Commission. However, unnecessary regulatory complexity is problematic and if rules and processes are costly and difficult to follow, with little benefit, then it’s in everyone’s interest to simplify or recast the rules entirely.
We note the intersection of ASIC’s simplification work and the Government’s current focus on productivity. While both agendas present important opportunities to support Australians’ economic wellbeing and participation, we caution against taking a blunt approach to deregulation (e.g. the UK’s current approach).
Instead, when considering the value of any simplification or deregulation it is critical to consider the policy intent behind the regulation and whether the regulation is achieving its intended outcomes. Knowing what good regulation is – and whether it’s working – calls for measurement and evaluation of regulation and regulatory outcomes. This is something additional that ASIC should turn its mind to throughout its simplification work.
Read the full submission and recommendations (PDF).
2025-10-23 ASIC simplification paper Consumer Action response